Online sales break $1billion mark on Black Friday

More consumers than ever before are using the internet to do their Christmas shopping resulting in online retail sales topping $1billion on Black Friday this year for the first time ever, according to digital business analytics firm comScore (view press release).

Online sales rose to $1.04billion on Black Friday which is an increase of more than 25% on the same day last year. Digital content and subscriptions, including e-books, digital music and video, was the fastest-growing retail category online, with sales up 29% compared to 12 months ago. Amazon.com was the most-visited retail website followed by Wal-Mart Stores Inc’s website, with sites run by Best Buy Co., Target Corp. and Apple Inc next on the list.

Although e-commerce shopping only accounts for less than 10% of overall consumer spending in the US, it is rapidly growing in comparison to bricks-and-mortar retail as consumers prefer the low prices, convenience, faster shipping and wide selection provided online. This is borne out by the fact that foot traffic in retail stores dropped by 1.8% to $11.2billion compared to last year, according to ShopperTrak.

Scot Wingo, chief executive of ChannelAdvisor, which helps merchants sell more on websites, including Amazon.com and eBay.com said: “Online has been around 9% of total holiday sales, but it could breach 10% for the first time this season.”

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